目標株価5,500円、レーティングBuyに引き上げ

研报英文原文证据摘录

目標株価5,500円、レーティングBuyに引き上げ

Ushio (6925 JP)

Equity Research

June 30, 2026

for substrate deformation. Package substrates have build-up layers on both sides of a core

layer, and the build-up layers are becoming increasingly multilayered (10-13 layers). Because

these layers are formed on both the front and back sides of the core layer, two exposure

systems are required. Ushio’s technologies for large-format substrates and high-productivity

processing demonstrate competitive advantages in this application. From 2018 to 2023, demand

for substrate exposure systems was driven mainly by CPU-equipped substrates for general-

purpose data centers. Customer utilization rates declined during 2024–2025, leading to a market

correction. However, starting in 2026, AI data system application demand (incorporating GPUs,

CPUs, and custom ASICs) has been growing rapidly. Ushio Electric has introduced new products,

the UX-58112SC/SE, which achieves improved resolution from the conventional 5 microns to 3

microns and supports glass substrates. The company is also developing a 1.5-micron-capable

model aimed at interposer use. Looking ahead, the social implementation of AI is expected to

expand further through Physical AI and Agentic AI. Demand for AI servers will also broaden with

the addition of Edge AI servers. The market for substrate exposure systems is expected to follow

a trend toward high-mix, high-volume production. Combined with technological drivers such as

the increasing functionality of package substrates and the adoption of glass-core substrates, the

market is forecast to grow significantly compared with the previous peak in 2022–2023.

Direct Imaging Equipment

Ushio’s subsidiary, Adtec Engineering, offers the INPREX Series of direct imaging systems. The